Police charge Seb Monsour with alleged $5 million property investment fraud

Police charge Seb Monsour with alleged $5 million property investment fraud
Police charge Seb Monsour with alleged $5 million property investment fraud

Sebastian 'Seb' Monsour has been charged with fraud following a long-running investigation.

It was into an alleged $5 million investment fraud. 

He is due to appear in the Brisbane Magistrate's Court tomorrow charged with fraud, according to the ABC.

Police raided his business in Spring Hill after it was alleged he accepted three significant payments from an overseas investor for projects.

The 44-year-old is the chief executive of real estate development company Majella Group. The company had been the sponsored of rugby union team QLD Reds.

His bio suggests he has more than two decades of experience designing, constructing, operating and managing infrastructure in the utility and government sectors.

It is alleged he had no authority, appropriate licence or credentials to manage investments.

Detective senior constable Douglas Henderson told the ABC the money allegedly went into business accounts instead of the promised investments.

Henderson said the money was supposed to go to three investments.

"One was like a future start-up-type investments fund and the other was a diversified property fund and the other was a balanced property fund," he said.

"So we're still confirming the exact details of where the money's gone, but not to the investments it's supposed to have.

"None of the money went to any of those investments," he alleged. 

Monsour has been remanded in custody and is expected to apply for bail in the Brisbane Magistrates Court on Friday.

 

Tags: 
Fraud Prison

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